While leaders are doing many things right such as focusing on digital transformation (not experimentation) and targeting financial and carbon-related metrics, our analysis revealed there is plenty of opportunity for all companies to gain significant ground in their pursuit of competitive advantage.
Of particular interest is the lack of data management capabilities among oil and gas players. Effective data management is a prerequisite for reinvention. It’s needed to: power the analytics that help identify new business opportunities and optimize portfolios; collaborate internally and to develop innovations with ecosystem partners; take optimal advantage of the cloud; and manage remote operations.
Another finding from our survey relates to the role of cybersecurity. While respondents generally agreed that cybersecurity will be essential over the next three years, leaders place it last in the list of digital solutions they plan to use for reinvention. The lack of emphasis on cybersecurity suggests a serious blind spot. Our research has found that oil and gas players are nearly four times worse than companies in other industries at stopping targeted cyberattacks.